While Las Vegas yearly gains continue to gain momentum, the market is still lagging behind. Current prices remain 57.1 percent below the peak and would need to rise a whopping 133.3 percent to reach peak values.
“May home price trends confirm the recovery continues to mature,” says Dr. Alex Villacorta, vice president of research and analytics at Clear Capital. “While there’s no questioning the validity of the recovery at this point, performances at the local level remained mixed when considering strength, sustainability and relative positions to 2006 prices. For example, Las Vegas’ strong yearly gains represent a rebound from a severe correction rather than bubble-like price growth.”
The real estate regrowth in Las Vegas—and all of Nevada—hints at not only a healing housing market, but a recovering economy overall.
“Southern Nevada as a whole is poised perfectly for recovery with both sales volume and prices steadily increasing over the past three years,” says Mark Stark, CEO Prudential Americana Group. “As we recover and create jobs, REOs and short sales have become a significantly smaller part of our business. In fact, more than 90 percent of all currently available homes in Southern Nevada are non-distressed, traditional homes with equity.
Copyright© 2013 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Content on this website is copyrighted and may not be redistributed without express written permission from RISMedia. Access to RISMedia archives and thousands of articles like this, as well as consumer real estate videos, are available through RISMedia's REsource Licensed Content Solutions. Offering the industry’s most comprehensive and affordable content packages. Click here to learn more! http://resource.rismedia.com